El Sewedy Power, a subsidiary of Egypt’s El Sewedy Electric, has signed a contract worth $484.5 million to build three power stations in Angola, said a report.

The deal signed with the Angolan government is yet to receive approval by Angola's president and a specialised court, added the Ahram Online report.

The contract involves supplying, building, operating, financing and maintaining the stations.

The project will be done during 2016 but the contract is not yet in effect and is suspended on certain conditions, including the president's approval, further stated the report.